Lumax Auto Technologies Ltd. share price target

For Q4 FY26, Lumax auto reported 3rd conservative of Highest ever quarterly revenue which stood at Rs 1,417 cr; YoY increase of 25% , QoQ increase of 12%, reflecting sustained growth across key product segments, continued business momentum with OEMs and strong performance in the aftermarket portfolio.

Lumax auto technologies reported its Q4FY26 numbers, with revenue at Rs. 14,169 Mn (up by 25.07% YoY and 11.51% QoQ), above our estimate of Rs. 12,972 Mn. Gross profit stood at Rs. 5,082 Mn (up by 27.90% YoY and by 12.84% QoQ), above our estimate of Rs. 4,601 Mn. Gross margins expanded by 79 bps YoY and by 42 bps QoQ to 35.9%, above our estimate of 35.5%. EBITDA stood at Rs. 2,032 Mn (up by 29.74% YoY and 15.53% QoQ) above our estimate of Rs. 1,871 Mn, led by reduction in employees cost and other expenses. EBITDA margin increased by 50...

Prominent PV ancillary, levers for industry leading growth: Passenger Vehicle (PV) domain contributed the maximum ~53% of sales at Lumax Auto in FY26. LAT's prominent presence in PV space is resultant of its acquisition of IAC India (now a wholly owned subsidiary), which has bolstered its product portfolio, particularly in plastic interior modules, and also expanded its business with OEMs like M&M, which is outperforming in the PV space domestically. It is present in new launches such as Maruti Suzuki Victoris, M&M XUV 7XO & XEV 9S. Lumax is increasingly becoming...

Lumax Mannoh JV Automatic Shift Opportunity: LATL is benefiting from rising automatic transmission penetration, driving higher realizations, strong margins and export potential in its gear shifter JV. High-Margin Tech Play: Lumax's Cornaglia partnership is delivering strong profitability through localisation, lightweight emission products and regulatory tailwinds from fuel efficiency norms. Entry into Alternate Fuels: The Greenfuel deal positions Lumax early in the fast-growing CNG and hydrogen ecosystem, enabling cross-selling to...

Prominent PV ancillary, levers for industry leading growth: Passenger Vehicle (PV) domain contributed the maximum ~53% of sales at Lumax Auto in 9MFY26. LAT's prominent presence in PV space is resultant of its acquisition of IAC India (now a wholly owned subsidiary), which has bolstered its product portfolio, particularly in plastic interior modules, and also expanded its business with OEMs like M&M, which is outperforming in the PV space domestically. It is present in new launches such as Maruti Suzuki Victoris, M&M XUV 7XO & XEV 9S. With ~40% of its ~1,450 crore...

Prominent PV ancillary, levers for industry leading growth: Passenger Vehicle (PV) domain contributed the maximum ~55% of sales at Lumax Auto in H1FY26. LAT's prominent presence in PV space is resultant of its acquisition of IAC India (now a wholly owned subsidiary), which has not only bolstered its product portfolio, particularly in plastic interior modules, but also expanded its business with OEMs like M&M, which is expected to outperform PV space domestically. It is present in new launches such as Maruti Suzuki Victoris. With ~40% of its ~1,360 crore order book linked to...

FY25 OEM share of sales- M&M: 27%, Bajaj Auto: 14%, HMSI: 5%, MSIL:8% Q2FY26 Result: Lumax auto technologies posted robust Q2FY26 results. On the consolidated basis, total operating income came in at 1,156 crore (up 37% YoY). EBITDA in Q2FY26 came in at 155 crore with corresponding EBITDA margins at...

We reiterate our BUY on Lumax Auto Technologies (LATL) on (1) its entry in the CNG segment, driven by completion of the acquisition of 60% stake in Greenfuel Energy Solutions; (2) increase in content per vehicle via the inorganic route; (3) diversification of its revenue stream

Order book has reached Rs. 1,050 crore in Q2FY2025 (vs. Rs. 1000 crore in Q1FY2025). Further, management is looking for healthy demand trends in H2FY2025.

Lumax Auto Technologies (LATL) has decided to acquire a 60% stake in Greenfuel Energy Solutions Private
Limited (Greenfuel) for Rs 132.6 crore.

Lumax Auto Technologies Limited’s (Lumax) Q1FY2025 revenue beat our estimates by 6.6% on account of healthy revenue growth across the product segment, except the aftermarket segment.

LATL continue to look for suitable inorganic growth opportunities after the successful integration of IACI

EBITDA missed the mark but matched PAT estimates on lower tax provisioning and higher other income

We have revised our TP upwards to Rs190 and retain a BUY rating as we remain confident of Lumax Auto Technologies' (LATL) diversified products and strong aftermarket presence. With a new diversified order book of Rs4bn (~35% of FY20 revenue), we feel that LATL is well poised to cater to a wide array of clients and display its product expertise. A market leadership position in gear shifters should benefit LATL as the shift from manual to automatic cars picks up pace. New BS-VI led products like Urea Tank have started showing solid progress and we maintain our view (IC Link) that the new age products (oxygen sensor, telematics, antennas, and gear shift towers) will further elongate its growth path....

Going ahead, we expect ramp up in lighting, Gear shifter and sheet metal business, incremental new products (revenue from urea tank, oxygen sensor and 4W plastic molded parts) and increase in aftermarket revenue will aid earnings in near to medium term. Revenue contribution for LATL from 2 & 3W-52%, PV-13%, Aftermarket- 15%, CV- 10% & Others-10%. The company incurred capex Rs 240mn and expects a similar level of...

Lumax Autotech (LATL) reported 4QFY20 numbers below estimates. Revenue de-grew 10%YoY to Rs 2.72bn due to production cut taken by various OEM for BS6 transition and impact of lockdown. EBIDTA margin contracted 330bps YoY to 5.4%, due to negative operating leverage, weaker product mix (low replacement revenue) and one off expenses (Rs.50mn towards legal and due diligence expenses). Adjusted EBITDA stood at 7.2%. Going ahead, we expect a quicker recovery in the 2W segment and...

Given its healthy balance sheet, consistent dividend payout (+20%), and efficient working capital cycle (15 days), we maintain our positive view on the stock. We have reduced EPS estimates by 17% over FY19-21E to factor in the impact due to the SMT business. We Maintain BUY with a revised TP of Rs 180 at 16x FY21E EPS. Despite the recent developments, we expect Lumax to benefit from 1) Sustained revenue growth from existing product lines such as lighting and sheet metals 2) incremental revenue from new products including Urea tanks and oxygen sensors (~Rs 1bn in next 2-3 years) 3) Revenue and margin expansion in the aftermarket business (the company is launching several new products across its existing product range). We expect +20% CAGR growth over the next 3-5 years.